Pakistan’s largest refiner Cnergyico will import 1 million barrels of oil from Vitol in October, its Vice Chairman Usama Qureshi told Reuters on Friday, marking the country’s first-ever purchase of US crude following a landmark trade deal. The West Texas Intermediate light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Qure
The Federal Board of Revenue (FBR) collected Rs748.6bn in July, surpassing its monthly target and posting a 14 per cent year-on-year increase, signalling renewed economic momentum in the country. The collection in July compares with Rs659bn in the same month last year. The performance reflects a promising start to the fiscal year and aligns with the government’s push for stronger enforcement an
Pakistan’s exports to European countries posted a year-on-year increase of 7.44 per cent in FY25, largely driven by improved demand in western and southern European markets. According to data compiled by the State Bank of Pakistan, export earnings from the European Union (EU) rose to $8.863bn in FY25, up from $8.249bn in the preceding fiscal year. The rebound was attributed to a modest uptick i
In response to higher-than-usual rainfall in the cotton-growing belt, the Pakistan Cotton Ginners Association (PCGA) has announced the immediate implementation of a new moisture policy, effective from Aug 1. According to a letter issued by PCGA General Secretary Zikrullah Khalidi on Thursday, ginners will pay the full rate for cotton containing up to 10pc moisture, without any deduction in weig
The government has exempted the 5 per cent tax on digitally imported goods and services as part of a tariff-related agreement with the United States, signalling efforts to maintain favourable trade ties and attract foreign digital businesses. According to a senior tax official, the exemption applies to all taxable digital supplies made by foreign entities. The legal provision itself remains int